Unichem Laboratories share price, Bayshore Pharma, Ipca Labs (Representational image)
Unichem Laboratories share soared 5 per cent and logged an intraday high of Rs 695 on the BSE. Unichem Labs share price gained after the pharmaceutical company’s board approved entering into asset purchase agreements with Bayshore Pharmaceuticals LLC, USA, a subsidiary of Ipca Laboratories.
At 11:51 AM, Unichem Laboratories share was up 3.07 per cent at Rs 678.8 per share on the BSE. By comparison, the BSE Sensex traded 0.04 per cent higher at 84,335.14 around the same time.
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“We wish to inform that the audit committee/board of directors of the company at its meeting held on Monday, September 30, 2024, has approved entering into agreements with Bayshore Pharmaceuticals LLC, USA,” the company’s stock exchange filing read.
Under the first agreement, Unichem will purchase all rights in the product approvals and all goodwill associated with 9 Abbreviated New Drug Applications (ANDA) owned by Bayshore USA for $2,650,000 through an asset purchase agreement subject to approvals.
Under the second agreement, Unichem Pharmaceuticals (USA) Inc, a subsidiary of Unichem, will purchase USA generics formulations marketing and distribution business of Bayshore USA through an asset purchase agreement for $10,000,000.
The agreement will be effective from today, October 1, 2024.
Meanwhile, as per the filing, these transactions are between the group companies and hence there will be no impact on the consolidated income/business at the Ipca Group level.
As per a report by Sharekhan, by aligning Bayshore’s generics portfolio with Unichem’s existing framework, the board seeks to identify synergies that can lead to improved efficiency and expanded product offerings.
Further, this strategic move is expected to position Unichem favourably in the competitive pharmaceutical landscape.
The brokerage believes the integration of Bayshore Pharmaceuticals’ generics business into Unichem Pharmaceuticals (USA) Inc. is poised to significantly benefit Ipca Laboratories, particularly as international revenue is expected to rebound.
Moreover, Sharekhan sees a strong growth potential for Indian pharma companies going ahead owing to increased consumer spending and awareness.
In the past one year, Unichem Laboratories share price has gained 57.6 per cent as against the BSE Sensex’s rise of 29 per cent.
First Published: Oct 01 2024 | 12:41 PM IST
